New Economy Forum
Santander Avoids Merger Wave in Favor of Digital Growth
- Botin says typical bank M&A not right for Santander just now
- Some see Santander as missing an opportunity as rivals grow
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Banco Santander SA is planning to sit out the wave of banking mergers sweeping its home market of Spain, opting instead to expand its digital platform.
“We’re not about to participate in any, let’s say, traditional bank consolidation,” Chairman Ana Botin said in a panel discussion at the Bloomberg New Economy Forum on Tuesday. “We don’t believe that is the right thing for us at the moment. We’re much more likely to continue buying technology platforms or add-on acquisitions.”